CEDAR RAPIDS, IA--(Marketwired - Feb 26, 2014) - TaxACT®, the critically acclaimed leader of affordable tax solutions, has released a donation tracking app called Donation Assistant® by TaxACT. The free app, available for Android and iOS, helps taxpayers track their non-cash and cash donations throughout the year and maximize their deductions at tax time.
The most recent IRS data reports that more than one in four tax filers deducts cash and non-cash charitable donations on their federal income tax returns.
Donation Assistant automatically organizes and tracks information taxpayers need to report on their tax return to maximize tax deductions for cash and non-cash donations. Users can also view detailed summaries at any time from their mobile device.
The app saves additional information the IRS recommends taxpayers save to substantiate donations, including photos of donations and receipts taken with the users' mobile device.
To help taxpayers report accurate amounts for thrift store donations and minimize audit risk, the app provides fair market values for more than 1,300 commonly donated items, such as clothing, appliances, and furniture.
TaxACT's app also has the unique ability to track recurring gifts -- cash donations made on a regular basis, often monthly.
Taxpayers can download the free app now to start tracking their 2014 donations. At tax time, data can be quickly and easily transferred to TaxACT Deluxe 2014 for tax returns due April 2015. The information will automatically transfer to the program's Donation Assistant tool, calculate deduction amounts and complete Schedule A and Form 8283.
More free apps for all taxpayers
TaxACT's suite of mobile apps includes two apps that allow all taxpayers to prepare, print and e-file their federal taxes free. Taxpayers can start and e-file their returns anytime, anywhere -- from their smartphone, tablet or a web browser with the same username and password. TaxACT's tablet supports all e-fileable forms for simple and complex returns, while TaxACT Express™ for smartphones is designed for simpler returns.
The company also currently offers two companion apps. DocVault™ is for securely organizing and saving tax documents, and TaxACT Central™ contains time-saving resources for use before, during and after filing with TaxACT.
All apps are for iOS and Android. To learn more and download all of TaxACT's apps, visit www.taxact.com/apps.
TaxACT is the critically acclaimed leader of affordable digital and download tax preparation solutions for consumers, business owners and tax professionals. In the 2005 tax season, TaxACT became the first to offer free federal tax software and e-file to all U.S. taxpayers. Since 2000, TaxACT Online has assisted with more than 45 million e-filed federal returns. TaxACT is a business of Blucora, Inc. (NASDAQ: BCOR). Learn more about TaxACT at www.taxact.com and www.taxact.com/press.